ASGC Finishes Work at Business Bay Tower - A Lifestyle Residence
Business Bay Tower is ready to receive its first residents and is among the latest projects to be completed by Al Shafar General Contracting (ASGC).
- Anchorage, AK (1888PressRelease) November 25, 2010 - Built at a cost of AED 600 million, this prime development is strategically located next to the recently launched Windsor Manor (also built and owned by ASGC) and is an ideal fit for a luxury hotel apartment. The two towers are together valued at AED 1.2 billion and are situated opposite Dubai Mall in Business Bay.
"The Business Bay Tower is a great addition to the city's residential landscape enjoying an unbeatable neighbourhood with landmarks such as Burj Khalifa and Dubai Mall lying in close proximity," said Mr Emad Azmy, President of ASGC. "With its superb facilities, Business Bay Tower provides another dimension to this exciting area which is now a true destination. We are proud to have this beautiful property as part of our portfolio."
With a built up area of 65455.98 square feet, the tower features 31 typical floors offering a choice of 260 - three, four and five bedroom apartments. In addition, there are two basement floors spread across an area of approximately 7669.3 square feet. The lobby has been designed to create a unique arrival experience with 12 well-appointed retail spaces and restaurants. Perched on the top floor are facilities for a spa and fitness center, swimming pool and lounge.
Mr Azmy said, "Dubai is one of the world's most competitive hotel markets and we believe that the Business Bay Tower with its fabulous facilities is uniquely qualified to raise the bar even higher on residential buildings. Residents can indulge in its top-of-line features and take pleasure in the inviting surroundings.
ASGC has successfully established itself as one of the region's leading construction companies. The Business Bay Tower is a shining example of its skills and expertise.
About ASGC
Brilliantly led by President Emad Azmy, ASGC is a broadly spread organisation well supported by its sister companies. Al Shafar group has over 16 companies under its umbrella providing an array of specialized contracting services and construction materials. Driven by value and quality, the group has been a formidable player in the UAE building industry for the past two decades and has to its credit over 250 prime projects including landmarks such as Dubai Police General Headquarters, DAFZA Headquarter, UAE Ministry of Public Works and Housing, Dubai Internet City - Phase III, Dubai Studio City, Jumeirah Beach Residence, Golden Mile Residence - Palm Jumeirah and Business Central Towers. The company's projects range from skyscrapers to residential towers, government buildings, educational facilities, factories and healthcare projects.
For more information about ASGC please visit www.alshafar.com
Despite the financial turmoil, the hotel industry remains lucrative with almost every major brand expanding or developing a presence in Dubai.
2010 H1 figures (DTCM press release 14 September 2010)
• Number of hotels in Dubai as of July or September 2010 is 566, an increase of 7% from 530 in 2009.
• Number of hotel rooms in Dubai as of July or September 2010 is 67,369, up 16% from 58,188 rooms in 2009
• Total hotel revenues from January-July 2010 was AED 6,888,477, up 6% from AED 6,519,691 for 2009 H1
• Number of tourist nights increased 18% to 12,462,209 nights compared to 10,541,955 in 2009 H1
• Occupancy rate of Dubai Hotels steady at 71.7%, and up 1.2% for hotel apartments from 67.2% in 2009 H1 to 68.8% for 2010 H1.
United Arab Emirates Tourism Report Q4 2010
Tourism Overview
There appears to be a favourable recovery underway in tourism to the UAE as a whole in 2010, after negative growth in foreign arrivals in 2009. In Dubai, figures for H110 show that the total number of hotel guests was up 9% year-on-year (y-o-y). Recently released data on arrivals to Dubai hotels in 2009, however, show there was only a marginal increase of under 1% y-o-y, to around 7.6mn. The total number of foreign guest arrivals though - excluding UAE tourists (that recorded buoyant growth) - fell 4% y-o-y, to about 6.8mn. This can be largely attributed to a marked 10% y-o-y decline in visitors from Europe, with tourist arrivals from the UK - the key source market - falling a considerable 16% y-o-y.
Hospitality
There was an improved performance in the Dubai hospitality sector in H110, with hotel guest nights up a strong 18% y-o-y to nearly 12.5mn nights. Hotel occupancy rates though were unchanged y-o-y in H1 at 71.7% (partly due to an increase in the number of hotel rooms).
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Hina Bakht
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MPJ - Marketing Pro-Junction
Mob: +971 50 6975146
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